You are right of course. I should just keep my mouth shut. But you did me a disservice by not including the rest of my post. There I say: 1) I apologize in advance to those that are true. 2) I have been on ET too long. Neither of them valid excuses, but I have my moments of weakness. nitro
You're saying to give up everything you know about trading, but keep trading until you give up trading, at which point you will "get it." Another poster agrees with you. Could you clarify what you mean?
lol, I didn't get what he meant either, seemed like nonsense to me! Reading the OP's posts I don't think they're too far off, they seem to have the most important aspects such as money management and discipline sorted out, all they need now is a consistently profitable strategy of which there are literally hundreds around the net. I don't see where the problem is really.
Not one person can give susana any advise that would make her "get it"...and I ain't no money maker; but it doesnt take one to be able to tell the OP that .... this is the one journey you must embark on your own; I am a firm believer that they aint no coaching on this one...this is just way to personal an endeavor that not one piece of adivse will ever make you just "get it"....imagine if that were the case??.... p.s. Although there is certainly advise that can help you not lose your ass consistently ( like dustin's advise ) the funny thing is we all know exactly what it takes to make money in the market; some just happen to be able to translate that into cash while others go round and round in circles.... imagine in this game there is 1 million ways to skin the same cat....you need to find out which way you be skinning that mo-fo...
True but there are some fundamental truths that are universal. Nitro: now now you should also be smart enough to know that the best traders on this forum say the least 90% of the time. I think you haven't recovered from your big loss 100% yet and that cynicism still comes through in some of your posts.
You make the most money when you bite the bullet and Buy despite all the negativity. When the market was tanking on Jan 23rd I bought some EWZ at 71. I flipped it at 83 a month later.
easy lady, get one step back to were you were fleeing from - Stocks. Obviously you left equities because you couldnt get things done to your favor. You have more time to plan there, more markets, more trends and less risk if you dont oversize (maybe another reason of your failure). Daytrading futures needs a clearly formulated and executed strategy plus fast reflexes which you definitely dont have when you say that you just trade retracements after breakouts. You need pivots derived from the daily and weekly chart to project potential resistance and support levels and still have the risk that any rumour or surprising economic release is messing your trades up within a few seconds. Stocks simply trend more smooth, longer and also stronger mostly. Don't trade breakouts within the first 30 minutes of market action. Use trendlines intraday and draw them on the line chart only because this is the way to see something is trending or not. Bar-, candle- or whatever chart type together with a volume change might be good for timing an entry but the trend you see when your entry bar/candle is finished. You dont see a trend you dont trade, simple like that. Another thing is that you will have a runner sometimes that you entered with little risk offering the chance converting it to a position and ending up with a homerun with a little hedging on the way. How rare and if then still how risky is that with (index)futures? Go were the easy money is and not the fast one until your toolbox is filled.
SusanaDT -- edits: "I still can't find my way to constant profitability." "I typically look for a retracement of about 50% and place the stop beneath the last support. Sometimes price can take my stop, making a lower low, and then continue the uptrend. Sometimes price can reach the high, find resistance, you actually don't know unless you give it a chance, then goes back to my entry. have not been able to find anything more efficient or logical." 'constant profitability' is a rather absolute challenge isn't it I like something Gnome posted, sorry for not supplying the source: "There are only 3 possibilites... long, short or cash. Figure out if one "appears obviously wrong" and don't do that. Then the question becomes "when" to do the others." â one doesn't trade just because the market is open 'you' can't use fibos without knowing Elliott Wave now EW is not going to provide the answer to every Price formation since Price Movement is IRREGULAR and therefore not efficient nor logical, however there is enough useful info in the theory for practical trading and to determine how to use fibos âElliott Wave Principle : Key to Market Behaviorâ by Frost and Prechter